Tiyan, GU, May 14, 2014 – USDA Rural Development welcomed Coast 360 Federal Credit Union as an approved lender for the Guaranteed Rural Housing (GRH) program.
As an approved lender, Coast 360 can now extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings on Guam.
“The Obama Administration is working on a regional basis to build networks of strong, self-sustaining rural communities,” says Chris Kanazawa, State Director for Hawaii and the Western Pacific. “Our partnership with Coast 360 Federal Credit Union will expand our capability to reach out to more eligible families who desire to realize their dream of becoming first-time homeowners in Guam.”
The guaranteed loan can be used to purchase a new home, build a home, or purchase a pre-existing home and renovate. The loan money can also be used to upgrade water and sewer requirements for the property. The guaranteed loans are for a term of 30 years at a fixed interest rate set by the lender and based on the current market and other criteria. Up to 100% financing can be available as there are no down payment requirements.
[L-R: Jane Ray, Loans Manager, Lisa Unpingco, Mortgage Processor, Mario Palisoc, Mortgage Officer, Mary Anne Paet, Mortgage Officer, Susan Flores,
Mortgage Officer, Irene Palomo, Mortgage Processor. STANDING (L-R): Steve Cruz, Area Specialist (USDA), Bernadette Balajadia, Area Specialist (USDA), Joe Diego, Area Director (USDA), Richard Northey, CEO, Coast 360, Anacleto Gatuz, Chief Operating Officer]
The home being purchased or built must be modest in size and affordable in cost. If the home is in need of repair, the costs of the repairs can be financed into the loan as long as there is an estimated cost and time frame by which the repairs will be completed. Lenders may also take into consideration energy efficiency improvements of a home.
“Becoming a USDA Guaranteed Rural Housing Lender allows us to make home ownership a reality for our low to moderate income members as well as the community at large,” stated Richard Northey, Chief Executive Officer for Coast 360 Federal Credit Union.
Since the beginning of the Obama Administration, USDA has assisted 218 first-time homeowners with over $39.3 million in GRH funds for Guam. “These families more than likely would not have been able to finance their home had it not been for our successful partnership with local lenders,” stated Joe Diego, Area Director. “With Coast 360 joining our network of approved lenders, more eligible families on Guam will be able to realize their dream of becoming first-time homeowners.” President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities.
Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Vilsack are committed to a smarter use of federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., S.W., Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).